Questions regarding leaving corporate jobs to establish a business is something I hear about on a regular basis. Many of us may not agree with Trump being the president, but one thing everyone is keen on is his innate ability to dominate as a businessman, owning and investing in lucrative business deals across the globe. With Trump vowing to implement policies that can benefit entrepreneurs during his term, now is the best time to consider investing in this journey, if you are a career-driven mom who has ever considered establishing your own business.
Consider this data from the report The Estimated Statistics for Women-owned Businesses 2016, by womenable.com:
- There are $11.3 million women-owned businesses in the U.S.
- These women-owned businesses generate approximately $1.6 trillion in revenue.
- Between 2007 and 2016 there has been a 45% increase in women-owned firms.
- 9 million individuals are employed as a result of this increase in women-owned businesses.
- 2.8 million of these women-owned businesses are run by minorities.
When we analyze these statistics, it is clear that there is a significant trend among women that will continue to increase. However, everyone wants their business to be successful. Here are five tips to consider, to make this happen:
1. Take a Risk
Unless you have a team already established, you will be in charge of every aspect of your business, which can be incredibly daunting. Additionally, you have to be willing to trust the process. Most successful entrepreneurs are not made overnight, so you must be willing to learn the lessons that come with failure, in order to become stronger and more discerning in the future.
2. Make a Smooth Transition From Corporate America
If you are already working a nine-to-five, then I do not no—nor would I ever—suggest that you quit your day job, until you are 100% sure that the time is right (and you’ll know it). Keeping your job in the meantime will grant you startup capital to invest in establishing your business. You might be unhappy, but if you change your mindset to understand that this is a means to an end, your perspective and enthusiasm will soon align.
3. Evaluate and Increase Your Cash Flow
There are plenty of ways to obtain a solid cash flow; microlenders, bank loans, sponsors, partnerships and joint ventures, or grant funding if your business qualifies are some of the most common ways to go about achieving this. Also, keeping your books accurate will help you, as well as anyone investing in your business, foresee potential risk factors and returns.
4. Have Quality Plans and Strategies in Position
When you plan for your business, you will determine the trajectory for each aspect of your business such as your vision, core message, business models, marketing and branding strategy, budget, and your revenue objectives. The strategies are the steps you will put in place regarding how you will execute the plan, from conception to implementation.
5. Use a Business Coach or Consultant
If there is anything I’ve learned while being an entrepreneur of two businesses, is the importance of finding a relevant business coach or consultant. I actually have two different coaches for both businesses, because they are clear about specific, individual processes to help drive each of my businesses toward success in their respective industries. Coaches will motivate you on your journey, and consultants will give you the tools to help build-out your plans and strategies.
Think about how you want your 2017 to manifest, and don’t let December 31, 2017, roll around, with your idea still stuck at square-one, no closer to where it was at the start of the year.
This article was written by The BOSS Network Featured Blogger Aria Craig
Aria Craig is a Speaker, Certified Coach, Consultant, and Amazon Best-Selling Author of The Single Mother Diaries. She is also the Founder of The M.I.L.E. Movement (Moms Influencing Leadership & Empowerment) where she has developed strategies within consulting programs for ambitious women who are ready to rise to their next level of success. She serves on the board for several non-profit organizations and is a member of The BOSS Network.
Learn more about Aria Craig by visiting her website at www.AriaCraig.com
Follow Aria on Twitter @Aria_Craig